Noida-based digital insurance solutions provider Zopper has secured a Series C funding of $75 million (around Rs 592 crore) led by private equity fund Creaegis Principals LLP.
ICICI Venture, Bessemer Venture Partners and Blume Ventures also participated in the round.
The company did not disclose the valuation post this fundraise.
Zopper plans to deploy the fresh proceeds to scale its engineering and data teams, improving the software-as-a-service (SaaS) platform and data analytics capabilities.
The company is also planning to grow inorganically through mergers and acquisitions, said Surjendu Kuila, co-founder and chief executive at Zopper told VCCircle.
“We’re contemplating acquisitions that will focus on new segments that we plan to foray in. Currently, we are aiming to expand into three-four segments. However, it will take at least a quarter to finalise.”
Zopper achieved cash flow profitability one-and-a-half years ago. “We were profitable in FY22. The company plans to maintain its profitability with its expansion plans in place,” said co-founder Mayank Gupta.
The company’s revenue stood at Rs 70 crore in the financial year 2021-22 and aims to reach Rs 200 crore in revenue by the end of this fiscal.
"Our gross written premiums stood at ₹350 crore in FY22. We are targeting a $200 million premium run rate as of March 2023," said Gupta.
Founded in 2011, Zopper is an insurtech-focused SaaS platform which offers application programming interfaces (APIs) to B2B and B2C organisations which provide insurance products. The company also provides end-to-end service offerings to insurers.
The company has currently partnered with more than 150 companies and has a presence in over 1,200 cities in the country. To date, it has raised over $21 million in equity funding.
"We partner with our distribution channels throughout the entire lifecycle of their insurance strategy – right from product solutioning and API-driven SaaS integrations to sales enablement and claims management,” said Gupta.
“The insurance industry is yet to witness the usage of tech-enabled products. Through this platform, Zopper is bringing partners and insurers together. We have exponentially grown in the last four years, and will continue to grow at a significant pace in the years to come," said Kuila.
“We believe in Zopper’s vision of transforming and automating the insurance distribution model in India. Over the years, they have demonstrated their tech and product innovation value to their ecosystem partners and insurers. All this has been achieved in a very capital efficient manner..,” said Prakash Parthasarathy in a statement.
Zopper's retail vertical was acquired by PhonePe in July 2018. As of December 2021, Zopper drives close to Rs 45 crore of monthly premium through its platform, Rs 500 crore in annualized gross written premium through its platform and is growing at over 200% compounded annual growth rate (CAGR).
In January, VCCircle reported that Zopper has appointed investment bank Haitong Securities India Pvt Ltd to raise up to $50 million.
